UK Economy Bounces Back in June but Near-Term Outlook Remains Sluggish

The UK economy grew by 0.5% in June, following a fall of 0.1% in May 2023 and growth of 0.2% in April 2023. However, the month-on-month figure was distorted by the extra bank holiday in May for the coronation of King Charles III. The quarterly figure came in at 0.2% which meant that on a quarterly basis the UK economy was still below its pre-pandemic level.